Credit Courtesy Bytemarks via Creative Commons
Since the start of the coronavirus pandemic in March, many thousands of unemployment claims have gone unresolved for months. The resulting backlog has frustrated the Office of Unemployment Insurance and kept much needed financial support out of the pockets of unemployed Kentuckians.
Now, that backlog has also prevented Kentucky from conducting a full and accurate audit of the unemployment insurance trust fund. Harmon said it is “imperative” that the unemployment office address the lack of reliable data, especially as the General Assembly starts work on a new budget in January.
Harmon said the gap is worrisome for unemployed Kentuckians, state government, and businesses who pay taxes to replenish the unemployment trust fund.
Credit Courtesy Bytemarks via Creative Commons
A new federal report shows that West Virginia and Kentucky saw the country’s sharpest declines in personal income last quarter as some forms of federal support during the pandemic expired. The U.S. Bureau of Economic Analysis says personal income decreased in every state in the third quarter of 2020, which includes the months of July, August, and September.
The Bureau of Economic Analysis defines personal income as the income received from all sources including labor, owning a home or business, domestic sources, financial assets, and transfers.
Income in West Virginia declined by nearly 30% in the third quarter. In Kentucky, income decreased by a little over 24% and in Ohio it dropped by 16%.